The cryptocurrency market started the week hard. In the first hours of trading on Monday, prices fell. As a result, the total market capitalization dipped below $1 trillion.
According to senior market analyst Jim Wyckoff, bears have a short-term technical advantage.
The US dollar is currently rising again and putting pressure on risky assets.
Overall, the cryptocurrency market saw a massive sell-off on Monday, with relatively few tokens surviving the downturn as even stablecoins traded in the red.
The ones that managed to survive the fall were XYO, which rose 19.94%, Energy Web Token (EWT)—which gained 12.24%, and EOS (EOS)—which climbed 9.93%.
The total market capitalization of cryptocurrencies currently stands at $1.01 trillion, and Bitcoin's dominance rate is 40.4%.